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2025 tax filing season starts as IRS begins accepting tax returns today

WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns. During today’s early morning opening, IRS systems have already received millions…
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Wage statements and certain information returns due by Jan. 31

WASHINGTON — As tax filing season nears, the Internal Revenue Service reminds businesses to submit wage statements and certain information returns to the federal government by Jan. 31. Filing the required forms by deadline and without errors…
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Issued proposed regulations on enrollment for 401(k) and 403(b) plans

The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsaddressing certain SECURE 2.0 Act provisions, including a provision generally requiring newly-established 401(k) and 403(b) plans to automatically…
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IRS offers top tips to make tax time easier

The Internal Revenue Service today provided taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you page. Taxpayers should follow these handy suggestions…
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IRS urges many retirees to make required withdrawals

WASHINGTON — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced…
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Get Ready for tax season with key updates, essential tips

WASHINGTON — With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. The IRS continues to improve taxpayer…
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Form 1099-K threshold is $5,000 for calendar year 2024

The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024…
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Interest rates decrease for the first quarter of 2025

The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is…
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Save for retirement now, get a tax credit later

The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years. The Retirement Savings Contributions Credit, also known as the Saver’s…